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Flurry of Press Releases by Expense Providers

By on January 17, 2011 in Industry News with 0 Comments

business expense management2011 promises to be a big year in the expense management space, but from a vendor and corporate perspective.  Rumors of consolidations, acquisitions and additional funding of leading expense vendors will begin to materialize throughout the year.  On the buyer side, companies are making purchase decisions on expense products more than ever.  This should make 2011 one of the biggest years in the expense management space!

To kick off the new year, here are just a couple of press releases from leading vendors in the industry:

Concur To Acquire TripIt, The Leading Provider Of Mobile Services For The Business Traveler

Combination also extends services to address the unmanaged business travel market

REDMOND, Wash., Jan. 13, 2011 – Concur (Nasdaq: CNQR), a leading provider of integrated travel and expense management solutions, today announced it has agreed to acquire privately held TripIt – the market leader in mobile trip management that helps travelers easily organize and share travel plans no matter where they book – for approximately $82 million in upfront cash, stock and unvested restricted stock units, and additional consideration over time that could bring the total value to $120 million.
View Full Press Release Here

Adoption of the Coupa Cloud Spend Management Platform Explodes in 2010

Company Delivers 8th Sequential Quarter of Growth in New Annual Contract Value and Record Results

January 4th, 2011 – SAN MATEO, Calif. – Coupa Software, developer of the category-disrupting cloud spend management (CSM) solutions that help companies control their indirect spending and generate savings that go direct to the bottom line, today announced record results for 2010.

* Revenue. Monthly recurring revenue grew 156% year-over-year, placing Coupa among the fastest-growing software-as-a-service (SaaS) companies;

  •  Usage. Spend through the Coupa Cloud Spend Management platform grew at an exceptional 180% annual rate;
  •  Renewals. The company exceeded a 95% subscription renewal rate for the year, further evidence that existing customers are achieving great success with the service;
  •  Adoption. More than 50% of existing customers expanded their Coupa deployment in 2010 with new users, products and categories of spend, and overall active users on the platform is now well over 8 times what it was the previous year.

View Full Press Release Here

Certify Single User is now Free

PORTLAND, ME, January 17, 2011 – Certify, a leading online expense management company, today announced Certify Single User version available for no charge to all users. This service includes the Certify Single User account and also the Certify Wallet mobile application.
View Full Press Release Here

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